Current State and Impact of Strategic Planning Activities on Entrepreneurs’ Financial Performance: Case of Serbia
The paper presents research on strategic planning practice of Serbian entrepreneurs. More specifically, it explores main features of the currently implemented strategic planning activity and its impact on financial performance of Serbian entrepreneurs. As female entrepreneurship continues to grow and is becoming more important economic and social issue, the research also takes into account the gender aspect. Building on literature review, hypotheses were developed and then tested on a random sample of 101 respondents. Main results suggest that strategic planning is underdeveloped management activity of Serbian entrepreneurs, primarily in terms of its long-time horizon, formality and use of objective data and analysis. Short-tem, informal and based on personal experience, feelings and intuition is planning of both female and male entrepreneurs without any statistically important difference based on gender. At the same time, as the strategic planning is more developed, the better are the financial performance of Serbian entrepreneurs. Besides contributing to the strategic management and entrepreneurship literature, the paper highlights certain aspects of these fields that should be emphasized in academic courses and training programs.
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